Indicate the project title used in the program/project’s Feasibility Study.

2.

The description must be a concise explanation of the desired outcomes/outputs,
objectives and components. It should give information if the program/project is only a
phase of a bigger, multi-phased, or part of an integrated area development
intervention.

3.

Indicate in project location the province or provinces where the program/project
facilities and/or installations are to be constructed (e.g., where the proposed road
traverses)

4.

Total project cost will include all program/project expenditures from detailed
engineering/design until the completion of construction, but prior to operation. It is the
sum of the foreign component and local component costs.
(a) Foreign component is the amount of the total cost which will be provided by
foreign sources (refer to ICC-PE Form No. 2). It is expressed in equivalent
Philippine peso. The exchange rate used to convert the foreign currency into
Philippine peso must be indicated. In cases where a project may have two or
more foreign sources, indicate the exchange rate of all foreign sources.
(b) Local component is the amount of the total cost which will be provided by local
sources (refer to ICC-PE Form No. 2). Indicate the sources of local counterpart
requirements, i.e. budgetary outlay, internally-generated funds, domestic loans,
etc.

5.

The proposed start-up date and the target date for completion of construction should
be indicated. These two dates define the implementation schedule. For a multiphased project, the implementation schedule of all stages/phases of the project
should be indicated. For single-phased projects, fill-up space for phase I only.

6.

The estimated life of the project is the number of years the program/project will be in
operation. It excludes the construction years of the program/project. The start of
project life is the first year when it is in operation. The end year is the year when flow
of program/project benefits and costs are expected to terminate.

7.

The implementing agency(s)/firm(s) is/are the entity with the primary responsibility for
carrying out or coordinating project activities.

ICC-PE Form No. 2
SOURCES OF FINANCING
1.

Indicate the sources of financing, whether local or foreign, or both.

2.

Indicate the actual years when funds will be obtained.

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3.

Under LOCAL SOURCE, state the amount of program/project financing
corresponding to the types and sources indicated. This should refer to finances
obtained from local sources and should be expressed in Philippine peso.
a)

Budget appropriation refers to the amount appropriated out of the funds in the
National Treasury for the operation of the Government of the Republic of the
Philippines (i.e., national government agencies).

b)

Equity refers to capital invested in local firms by Philippine nationals, and
includes retained earnings. For government corporations, this should exclude
contributions derived from budgetary appropriations.

c)

Bonds and Notes are evidences of indebtedness which may be interest or
non-interest bearing, issued by domestic borrowers to domestic lenders under
which the issuer agrees to repay the principal at a stated future date. Bonds
are negotiable instruments with fixed interest rates and fixed maturity date
which is longer than a year.

Specialized government banks consist of government performing specific
economic functions as Development Bank of the Philippines (DBP), Land
Bank of the Philippines (LBP) and the Philippine Amanah Bank (PAB).

g)

Thrift banks are composed of savings and mortgage banks, stock savings
and loan associations and private development banks.

h)

Other financial institutions are those institutions regularly engaged in the
lending of funds obtained from the public through the issuance of their own
debt instruments (but not in the form of deposits) and/or those institutions that
are regularly engaged in lending of funds but do not obtain funds from the
public (either in the form of deposits or other evidences of indebtedness).
(1)

(2)
4.

Those which are regulated by or under the supervision of the Bangko
Sentral ng Pilipinas. This includes investment houses, financing
companies, pawnshops, money brokers, and the Government Service
Insurance System (GSIS) and Social Security System (SSS).
Those which are not regulated by or are under the supervision of the
Bangko Sentral ng Pilipinas include the private insurance companies.

Under FOREIGN SOURCE, state the amount of program/project financing
corresponding to the types and sources indicated. These should refer to finances
obtained from foreign sources and should be expressed in Philippine peso. Use the
same exchange rate/s assumption indicated in ICC-PE Form No. 1.
a)

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Foreign loans (whether fixed or revolving, in cash or in kind) are borrowings
secured from foreign sources, which should include offshore banking units
located in the Philippines.

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b)

Under direct obligation, the proponent or the end-user is the primary
borrower.

c)

Concessional loans are foreign borrowing with maturities of over 15 years.
For the purpose of this guidelines, ignore the interest rate definition.

d)

Commercial loans are foreign borrowings with maturities of up to 15 years.

e)

Foreign loans from relending lines are loans wherein the proponent is the
end-user but not the primary borrower. In a separate sheet, please specify
details, i.e., 1) source of loan, e.g., DBP, PNB, etc., and 2) other particulars
on the credit line, if available.

f)

Bonds and Notes are as defined in 3(c) except that these are issued to
foreign lenders.

g)

Equity includes capital invested in local firms by non-Philippine nationals,
whether in the form of foreign exchange in other assets, including reinvested
earnings and capitalized expenses.

h)

Under “Other” (II.3), include financing obtained from sources other than those
specified under II.1 and II.2.

ICC-PE Form No. 3:
ESTIMATED PROJECT COST, INVESTMENT PHASE
1.

Indicate the costs incurred during the Investment Phase of the program/project. This
covers the detailed engineering stage and the construction/installation stage of the
Program/project.

2.

Expenditures for detailed engineering and other activities before start of construction
in year 1 are considered year 0 expenditures.

3.

All costs must be expressed in constant prices. Thus, any contingency for domestic
and foreign inflation of the general price level should be excluded. However, physical
contingency allowances as projected say, by the engineers, are included in cost
calculation.

4.

Foreign exchange costs include costs of all materials, equipment and manpower
(supervision and technical assistance) for which offshore procurement would be
required to satisfy the needs and specifications of the program/project. Foreign
exchange costs should include both direct and indirect costs. Direct foreign exchange
costs are cost of equipment and materials which are directly imported (CIF prices).
Indirect foreign exchange cost should include costs of inputs imported for the local
production of materials used in construction.
Foreign exchange cost should be expressed in both US dollars (or its equivalent in
US dollars in cases where a different currency is used other than US dollar) and its
equivalent in Philippine peso using the exchange rate assumptions indicated in ICCPE Form No. 1.

5.

The estimated project cost required in ICC-PE Form No. 3 should include the
following:

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a.

b.
6.

Costs should specify taxes and duties paid by the program/project. For
example, if the project pays $10,000 for an imported equipment and P2,000
for import tax of the same equipment, the relevant cost is the $10,000, plus
the P2,000 paid for tax.
Cost should indicate interests on loans and other loan charges on a separate
schedule.

The cost of the following items should be indicated:
(a)

Civil works include the construction of access roads, bridges, camp,
operator’s village, diversion works, processing plants, dam, spillway
powerhouse, shafts and associated works. The costs must indicate: i)
expenditures including rent on equipment and machineries used in civil
works, (ii) materials and supplies and (iii) labor costs. Moreover, labor costs
should indicate: (i) cost of direct supervision and consultancy fees (also
known as engineering and administrative costs) and (iii) salaries and wages
for laborers and construction workers.

(b)

Machineries and equipment include costs of mechanical or electrical
equipment installed for the program/project. These are different from the
equipment and machineries used in the civil works.

(c)

Land acquisition costs are payments made for the acquisition of land for the
use of the program/project.

(d)

Other investment costs will include those costs not included in the above
listing. The components of these costs must be specified in a separate sheet.

(e)

Sum up the foreign exchange and local costs given the (a) to (d) classification
above. Again, the foreign exchange cost should be expressed in both US
dollars (or its equivalent in US dollars in cases where a different currency is
used other than US dollar) and its equivalent in Philippine peso using the
exchange rate assumptions indicated in ICC-PE Form No. 1.

7.

Item 6 refers to the total amount of subsidies allocated for the program/project.
Subsidies usually take the form of price reductions (price subsidy) on materials and
supplies to be purchased by the program/project. In this case, the price subsidy is the
difference between the purchase price by the program/project and the market price of
goods. The subsidy may also take the form of lowered rates for utilities (power and
water) consumed by the program/project. Indicate in the space provided the
subsidized items and the total amount of subsidies which is expected to be availed of
by the program/project.

8.

If investment costs are incurred after year 4, provide the required details in additional
columns/sheets.

ICC-PE Form No. 4:
ANNUAL OPERATIONS AND MAINTENANCE COSTS
1.

The Operational Phase of the program/project is the stage following the completion
of program/project construction/implementation. Year 1 is the first year of operation.
Cost items which should be indicated are:

The annual O & M costs apply to the operation and maintenance of all
program/project components. For example, if a multipurpose project has an irrigation
project as one of its components, the O & M cost for the irrigation project should be
estimated. Further, if the irrigation component involves associated costs for
agriculture extension and services, the associated costs should also be included as
part of the O & M costs.

3.

The expenditures during this phase should include replacement costs necessary to
refurbish existing equipment and machineries when their useful life is completed.
These are entered as equipment/machineries costs.

4.

Cost estimates are required for the entire life of the project. Use a separate sheet for
additional specifications.

5.

For the definition of foreign exchange costs, labor costs, subsidies, refer to
Guidelines for Accomplishing ICC-PE Form No. 3 above.

ICC-PE Form No. 5:
ESTIMATED PROJECT BENEFITS AND REVENUE
A.

Benefits

1.

The basic guide to identifying items of benefit through the program/project is the
definition of benefit itself, i.e., in terms of the income objective, benefit constitutes an
increase in the economy’s real resources either through increases in output or
savings in resource use.
In the use of transport facilities, for instance, the set of direct benefits may include:
a.
b.
c.
d.
e.

reduced vehicle operating costs;
lower maintenance costs;
fewer accidents;
savings in time for passenger and freight; and
production increases (in the case of developmental transport facility).

Admittedly, only the first two benefits and the last are easily quantifiable (and
practical). However, the effects of the other benefits on national income (e.g. value of
each human life saved in terms of the capacity to earn during productive life) should
be quantified.
2.

Specify the source of benefit in the space provided. For more than two sources, use
additional sheets. Example of benefit sources are:
a.

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value of increased rice production (irrigation project)
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Note: The increased value of production attributable to the project and
considered project benefit is the increment between “Without-the-project” and
“With-the-project” value of production net of associated production costs.
b.
c.

Definition of RME
Results Monitoring and Evaluation (RME) is a development management approach
aimed at enhancing the likelihood of achieving the desired outcomes and long-term
impact of development programs/projects. RME enables agencies to assess the
effectiveness of programs/projects with respect to their development objectives.
The RME process encompasses the project development cycle, explicitly linking one
phase to another, and consistently focusing on the planned results. 1 This contrasts
with the input-output monitoring commonly adopted, whereby the main focus is on
program/project activities and outputs, with emphasis on meeting the program/project
specifications within the given timeframe and budget.
RME is a project design instrument that explicitly adopts a set of performance
indicators of program/project outcome and impact, defined at project preparation
stage, and agreed to between the proponent and the approving authority. The
indicators provide measurement of project success.

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In this context, results refer to outcomes and longer-time impact arising from the use of project
outputs.

Common Elements among RME Variants
a. Use of a Logical Framework (LOGFRAME) as a design and M&E instrument
b. Explicit use of performance indicators or objectively verifiable indicators (OVI)
c. Adoption of systematic but quick reliable and inexpensive means to verification
(MOV).

Output – program/project deliverables arising form the activities carried out with the
program/project resources
Purpose – the immediate-term development objective of the program/project, the immediate
reason for the program/project, the outcome expected shortly after completion of
the program/project implementation.
Results – outcomes and long-term impact arising from the use of program/project outputs
Results Monitoring and Evaluation – a development management approach aimed at
enhancing the likelihood of achieving the desired
outcomes and long-term impact of development
programs/projects.
Target – an explicit statement of results desired for an indicator over a specified period of
time.